In May 2012, CVC Asia Fund III acquired 100% of Hong Kong Broadband Network (‘HKBN') from CTI Telecom (HK) Limited (CTI) for HK$5 billion in one of the largest leveraged buyouts in Hong Kong. The transaction was proprietarily sourced and led by CVC.
HKBN is a Hong Kong-based provider of residential and corporate broadband, VoIP, IPTV and international telecommunications services. Incorporated in Hong Kong in August 1999, the company only provides services in Hong Kong and specialises in the residential mass market and small-to-medium corporate and enterprise market segments. HKBN currently passes ca. 2 million of Hong Kong's 2.5 million households.
The company has a wholly-owned fibre network infrastructure, utilising a metro ethernet network and GPON technology, and delivers true access speeds of 100 Mbps to 1,000 Mbps. The company is focused on broadband, which accounts for 64% of sales and a market share of 29% in the residential broadband segment. The company has 3,080 employees (August 2011) with ca. 50% based in Hong Kong and the remaining half based Guangzhou, China. HKBN is led by an experienced management team with in-depth experience in telecommunications.
In March 2015, HKBN was listed on the Hong Kong Stock Exchange marking the next stage of the company's strategic plan.
In March 2015, HKBN was listed on the Hong Kong Stock Exchange marking the next stage of the company’s strategic plan.